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Question 12 Chapter 1 – Unimax Publications of Class 11
12. From the following data of Avneet. Find out the cost of goods sold and sales for the year20-21.
| Rs. | |
| Opening Stock | 60,000 |
| Purchases during the year | 4,00,000 |
| Purchases Return | 30,000 |
| Octroi Duty | 30,000 |
| Stock on 31-3-2021 | 60,000 |
G.P. 20% on Cost
The solution of Question 12 Chapter 1 – Unimax Publications of Class 11
| COGS | = Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| = Rs. 60,000+ (4,00,000-30,000)+30,000-60,000 | |
| = Rs. 60,000+3,70,000+30,000-60,000 | |
| = Rs. 4,60,000-60,000 | |
| = Rs. 4,00,000 | |
| GP | = 20 % on Cost | |
| = 4,00,000 X | 20 | |
| 100- 20 | ||
| = 4,00,000 X | 20 | |
| 80 | ||
| = Rs. 1,00,000 | ||
| Sales | = GP + COGS |
| = Rs. 1,00,000+ 4,00,000 | |
| = Rs. 5,00,000 |
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